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Portfolio History

The success of QGEP is the result of the Company’s strategic positioning since the first movements of opening the Brazilian Oil & Gas market to the private sector. Its portfolio has grown significantly since its formation in the Round Zero in 1998, having played an active role in the bidding rounds of the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The timeline below summarizes the history of the Company's portfolio:

The first exploratory wellof which Queiroz Galvão participated as a consortium member, was drilled in 2000 and led to the discovery of the Manati field, currently one of the largest producing exploratory non-associated gas fields in Brazil. Its first gas happened in 2007 and the Field is now the primary source of QGEP’s revenue.

During 2003, Queiroz Galvão had its first experience as a producer in Coral Field in the Santos Basin, which produced light oil until 2009.

In line with its growth strategy, 2011 saw QGEP take an important step by acquiring stakes in two capital assets: block BS-4, where is concessionoperator and it produces oil of the Early Production System for the Atlanta Field since May 2018; and block BM-S-8, in which, in July 2017, Company made a successful farm-out after 6 years as a dealer, where consortium made the important discovery of Carcará.

In 2013, with the successful participation in the ANP's 11thBidding Round, QGEP acquired concession rights in 8 blocks, 5 of which are the operator. In addition to diversifying and balancing the portfolio, new partnerships with international and regional companies were established. The active participation in the auction broadened the scope of QGEP’s exploratory activities.

In early 2015, as a result of a technical and economical assessment of the asset, QGEP it has allowed its farm-in agreement at the BM-C-27 Concession to expire. QGEP signed the farm-in agreement with Petrobras for the purchase of a 30% participating interest in the production and exploration rights of the asset located in the Santos Basin.

In the ANP's 13th Bidding Round, held on October 2015, QGEP acquired concession and operatorship rights in two offshore exploratory blocks located in the Sergipe-Alagoas Basin. This is a well-established Brazilian producing basin with excellent quality discoveries in evaluation stage. The active management of the Company's portfolio led to the acquisition of these blocks, which will further enhance QGEP's exploratory portfolio of projects.

In the end of 2015, QGEP announced the relinquishment of Block BM-J-2 to the ANP, after having fulfilled all the commitments undertaken with the ANP. The decision to relinquish the Block was in line with the Company’s strategy of continuing to dynamically manage its asset portfolio, and was supported by the results of technical and economic analyses, which indicated low quality reservoirs and sub-commercial volumes, combined with the environmental challenges of operating in this area.

In September of 2017, QGEP announced two farm-out agreements with ExxonMobil and Murphy Oil of 50% and 20%, respectively. The companies became partners in the concessions located in the Sergipe-Alagoas Basin: SEAL-M-351 and SEAL-M-428. Reinforcing their confidence in the potential of the Sergipe-Alagoas Basin, QGEP and its partners ExxonMobil and Murphy Oil acquired more two blocks in ANP's 14th Bidding Round.

After six years in the concession, the company announced at the beginning of second quarter 2017, the sale of its 10% stake in BM-S-8 for US $ 379 million. QGEP acquired this stake in 2011 for US $ 175 million and in 2012 the consortium realized the discovery of Carcará. The successful transaction was made after the strategic analysis of the asset's permanence in the portfolio, as well as the lack of visibility regarding the effective date of the first oil.

In the ANP's 15th Bidding Round, held on March 2018, QGEP expands its presence in the Sergipe-Alagoas Basin with the acquisition in two blocks: SEAL-M-430 and SEAL-M-573. QGEP acquired a 30% working interest in both blocks, in partnership with ExxonMobil, the operator with 50% working interest and Murphy Oil, with 20%. These blocks are adjacent to the blocks owned by the same consortium and several discoveries and present medium-to low-risk prospects with high potential.